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Thursday, 12 October 2017

"The world's oil majors, beset by intimations of demand for their favorite product leveling off, seek comfort from an invisible friend.Compared to oil and coal, natural gas looks less fossilized. Long-term outlooks routinely show demand rising while it flattens for oil and falls for coal. This makes sense: Gas is versatile, useful both as a source of energy and a building block for chemicals; plus, when burned, it emits less carbon.In an increasingly electrified world where regulations around pollution are tightening, gas should be a relative winner. Oil majors have adjusted accordingly:"

"Qatari banks have met investors in Europe and Asia over the past few weeks to gauge their interest in potential U.S. dollar bond issues, as a diplomatic crisis in the region pressures their finances, sources familiar with the matter said.

Feedback was positive, but while international investors are ready to buy Qatari banks’ paper, they have also made clear that issuers would have to pay premiums in order to attract sufficient demand.

Access to international debt markets, a crucial source of funding for Qatar’s banking sector since oil prices dropped three years ago, has become trickier since the crisis erupted in early June as investors fear its impact on lenders’ liquidity. Those worries have partly eased as a result of the meetings, said the sources."

"Saudi Arabia’s market regulator said a lawsuit was filed on Thursday against individuals related to an accounting scandal at telecoms group Mobily. The public prosecution filed the suit in the Committee for the Resolution of Securities Disputes, which has jurisdiction over the dispute, the Capital Markets Authority (CMA) said on its website. The CMA did not name the suspects nor say how many were involved."

"David Fyfe, chief economist at Gunvor Group, says that legacy investments made pre-2014 in Brazil, Canada and Kazakhstan will come online in 2018, making OPEC’s job that much harder. OPEC and Russia could push for an extension of up to nine months when the group meets next month in Vienna, he said.

Fyfe was interviewed via email on Oct. 11. Comments have been edited and condensed."

The main Saudi index, which had sunk 2.2 percent on Wednesday, rose 1.4 percent to 6,988 points after testing demand at lower levels. However, it remained below the 200-day average, now at 7,041 points, which it fell through this week - a negative technical signal.

Twenty-three of the 33 listed insurers rose. All but one had dropped on Wednesday because of fears of an industry shakeout caused by a regulatory crackdown."

"Brent crude oil was down 20 cents at $56.74 a barrel by 0730 GMT. U.S. light crude was 25 cents lower at $51.05. Both benchmarks have risen more than 20 percent from their lows in June as world oil markets have tightened. The Organization of the Petroleum Exporting Countries and other producers including Russia agreed last year to reduce output by 1.8 million barrels per day (bpd) to prop up prices and the cuts, from January, have helped drain inventories. The OPEC-led deal helped lift oil from the $30 to $40 per barrel range in late 2016/early 2017. But traders say supplies remain ample despite these cuts, thanks in large part to surging U.S. production."

"* Qatar Investment Authority (QIA) fund is considering taking part in an initial public share offering of Russia’s En+, the Vedomosti newspaper reported on Thursday, citing two sources, close to the deal; * One of the sources said that QIA was invited to take part in En+’s IPO, while another source said that QIA was invited to become an anchor investor. The third source, close to one of the deal organisers, said that QIA could take part in the deal; * None of the sources disclosed the size of the stake which QIA could buy in En+;"